Ashiana Housing to invest Rs 300 crore in Sohna project

NEW DELHI: Real estate firm Ashiana Housing will inject Rs 300 crore into a 13 acre residential project in Sohna, Gurgaon that it is building in a joint venture with the land owner.

"We will invest around Rs 250-300 crore in the Sohna project, which will be funded through internal accruals," said Shantanu Haldule, vice president of Ashiana Housing.

The project christened 'Ashiana Anmol', with a total saleable area of 11.60 lakh sq ft, will be developed in two phases, offering a total of 780 units of two and three BHKs. The company has launched the first phase of the project offering 300 homes in the sizes ranging between 1270 sq ft and 1700 sq ft.

"We are awaiting the environmental clearance, which might take around 2-4 months, after which we aim to deliver the first 300 homes in around 26-39 months," Haldule added.

Ashiana Housing on Wednesday reported a consolidated net profit of Rs 29.58 crore for the quarter ended March 31, against Rs 2.93 crore in the year-ago period, on higher sales.

For the entire financial year 2014-15, the company's net profit jumped over two fold at Rs 46.49 crore from Rs 21.86 crore in the previous year.

Mumbai: Nipun Sahni, former managing director and head, India, real estate investment group at Bank of America-Merrill Lynch has joined US-based Apollo Global Management as partner and head of real estate, India